Morning Call

June 28, 2022

ALFA to spin off its stake in AXTEL. Yesterday, before the market opened, ALFA called a shareholders’ meeting to vote on a spin-off of its 53.9% stake in AXTEL. If approved, ALFA shareholders would receive a share of Controladora Axtel—a dedicated vehicle whose main asset would be AXTEL’s stake—for every ALFA share they own. The move is in line with ALFA’s strategy to unlock value by simplifying its conglomerate structure. On the flip side, for AXTEL, our reading is negative, as we think the move signals the failure to materialize an accretive transaction. Moreover, the stock will face an overhang from shareholders who will be forced to exit the position once it is spun off. Thus, we are placing AXTEL Under Review.


  • HERDEZ issued P$3 billion in sustainability-linked bonds in two tranches: 1) P$1.5 billion at a fixed rate of 9.78% and a 10-year maturity and 2) P$1.5 billion at a variable rate of TIIE 28 + 31 bps. at a 4.5-year maturity.


  • Heineken will invest P$1.8 billion in a new can manufacturing plant in the state of Chihuahua, Mexico.


  • AZTECA informed that Mr. Esteban Galindez will step down from his role as CFO and be replaced by Mr. José Luis Zúñiga.


  • FCFE goes ex-coupon for a P$0.86 distribution per certificate (12.9% annualized yield).


  • FMTY goes ex-coupon for a P$0.082 distribution per certificate (8.2% annualized yield).


  • The National Survey of Occupation and Employment (ENOE) showed that the employed population in Mexico reached 57.1M in May (+2.2M YOY), the EAP rose by 1.9M YOY to 59.1M (59.6%), and the unemployment rate stood at 3.4% (SA) (+0.3 pp. MOM).